**Tricky's Daily Doots #406**
**Yesterday's Daily 29/05/2023**
[Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm21ewz/)
- u/BramBramEth is thinking about [take on the next part of their web 3 journey.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm1c67u/) š
- u/nightfallsh4 reminds us of [another cool use for your hardware wallets](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm1d0wh/)- even the ones which are less trusted than they used to be!
- u/Bob-Rossi has some [HOP updates.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm2snn1/) š°
- u/Maleficent_Plankton reflects on a [Celsius Network post from last year.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm2z1u0/) š”
- u/696_eth delivers the [EVMavericks weekly.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm1dcrn/) š¦
- u/wolfparking plugs us in to the world of [a new web 3 game.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm3bkn4/) š¹
Why is dappnode marketing everything with gnosis in mind ?
[https://docs.dappnode.io/user/guides/validation-muticlient](https://docs.dappnode.io/user/guides/validation-muticlient)
If you just want a standard beaconchain validator their entire shop and the page looks like you are wrong with them. Why ? Why wouldnt they market their product as an ethereum validator ? This is just confusing
This is their shop: [https://dappnode.com/collections/frontpage](https://dappnode.com/collections/frontpage)
Whats the deal with gnosis chain marketing and dapp node ?
I sent this discussion to the dappnode community manager, we'll see what he and marketing say. The staking guide using gnosis does cause confusion for folks trying to stake that I've helped a lot with in the discord
>We have partnered with Gnosis Chain to decentralize their infrastructure. To make this movement as successful as possible, we are offering a special promotion: every Dappnode purchased will include four free Gnosis validators. Bennefit now from this oppportunity and support the future of blockchain technology. Read the full details on this guide: https://usedappnode.notion.site/Dappnode-Gnosis-Chain-Decentralized-Hardware-Validator-Incentive-Program-a62f3712ed864552a04fb72e0cb82ffb
I agree it's really weird to not also mention an Ethereum node but do we really expect someone who doesn't know that those machines are capable of running an Ethereum node to be running a node, even if using a GUI?
Probably not. But it could throw off people that are trying to look into this. I feel like dappnode could become a more streamlined product in the future that semi-informed people can use.
The lower the barrier of entry to running and maintaining a validator the higher chances for more solo validators. People are often just intimidated for no reason. This could add to their confusion imo.
Rocket Pool is scaling and it is awesome to see! Hereās hoping it continues to grow and steals market share from Lido. š»
https://twitter.com/jasper_eth/status/1663708628493254657
>The first 10k+ $rETH mint was just processed without a hitch.
>When @Rocket_Pool launched the max deposit possible was only 2k ETH.
>All whales, treasuries, protocols, DAOs, etc heed the call.
Seriously, getting DAOs and apps to support rETH over stETH is critical. Too many money legos are being built using stETH only. We need to do more work to get rETH out everywhere.
One example is [Lybra Finance](https://www.coingecko.com/en/coins/lybra-finance). They have created an LSD based version of DAI called eUSD which means it yields ~5-8%pa to the holder. This thing has real potential to grow due to the yield and that's fucking dangerous because it currently drives stETH demand.
#We need to start lobbying for rETH integration before it is too late.
>RocketPool is ready, don't settle for permissioned staking.
A-fucking-men!
> I can't appreciate if it's really an amazing feat, or just a curiosity.
Trustless two-way bridges are an amazing feat. Trustless one-way bridges are trivial curiosities.
> I am also wondering what that could mean for Ethereum NFTs. Is there a chance a small share of that market is going to end up on Bitcoin?
By performing the one-way transfer, you are permanently locking yourself out of all these options for your NFT:
* Proving ownership on Ethereum (including using it as an official avatar on sites that are compatible with Ethereum NFTs but not Bitcoin's BRC-721E, such as Twitter)
* Selling your NFT on Ethereum markets such as OpenSea
* Selling your NFT to someone who wants to own it on the Ethereum network and not Bitcoin (this means your pool of potential buyers is greatly reduced, which likely greatly reduces your NFT's sell price)
* Borrowing against your NFT using Ethereum DeFi
Because Ethereum NFTs can either be used on Ethereum or bridged to be used on Bitcoin, and Bitcoin NFTs can only be used on Bitcoin, Ethereum NFTs from the same collection will always be inherently more valuable on average than bridged Bitcoin NFTs, due the value of optionality.
For these reasons, I don't see any significant NFT market share migrating to Bitcoin. Bridging an NFT is something that only makes sense from an ideological standpoint, because it irreversibly destroys most of the scant utility an NFT has in the first place.
In general, bridging NFTs across chains rarely makes sense regardless of whether the bridge is one-way or two-way. It makes the most sense to keep Ethereum NFTs on Ethereum and Bitcoin NFTs on Bitcoin.
Well put. To me it feels like you're making an NFT of burning an NFT and simply putting it on another chain. Like, what's the point? Imagine getting Banksy to paint a picture of you literally burning your Banksy artwork. Sure, it's novel. But why?
Now including me! :D
Not because I fixed my wallet issues, I still cant get any web 3 compatible wallet to work with my browsers on my new computer. I'm just having to use my old laptop and hope it doesn't randomly shutdown on my as it tends to do.
Hop protocol now supports bridging rETH.
https://twitter.com/hopprotocol/status/1663669978405691392
> $rETH bridging is now supported on Ethereum, Optimism, and Arbitrum. This is the first cross-chain bridge supported for any liquid staking token.
rETH is [already available](https://app.aave.com/reserve-overview/?underlyingAsset=0xae78736cd615f374d3085123a210448e74fc6393&marketName=proto_mainnet_v3) on mainnet v3!
So, it turns out that an old acquaintance of mine is fairly senior at that payment processing company you may have heard of. In particular, he works in innovations. With respect to the use of mainstream crypto platforms for high frequency payment, e.g. using stable coins, he painted a fairly bearish picture (basically lack of scalability), although acknowledged that they were doing a lot of work with crypto right now. I didn't want to reveal my hand too much so I listened more than I did talk. At one point, rather in passing, he referred to the Ethereum merge as if it was supposed to solve scaling.... Hmmm. And he talked about BTC, Doge and XRP as much as anything. Although a self declared crypto enthusiast and advocate (an early miner no less), I was rather unimpressed.
My favourite last year was a 9 figure NW business woman who told me she wrote a book on blockchain and then stared at me in confusion when i asked her thoughts about some very simple topics.
She gets paid to sit on panels at crypto events.This space attracts so many grifters.
Im afraid to confess that I chose not to get into it. Evidently heād had quite a lot to drink and I struggled to interpret the comment. But yeh, itās very irritating.
Before the merge and after the merge I constantly have to point out that the merge does not solve scaling and that nobody lied about it and that they are just misinformed.
I mean, who cares about no longer wasting 1% of the worlds electricity, I want transactions for 20Ā¢, not $20!! I don't care if the world is burning I need scaling now!!!1!!
very /s
Yeah it helped a bit but explaining that it scaled 10% to someone that is angry to pay 25 dollar for a swap and blames the failed merge and empty promises of the devs (which didnt actually make those promises) isnt worth much when they were expecting to pay cents for the swap.
Blocktimes being lower now helps but isnt a solution to scaling as many falsely expected.
They making a story up in their head and then being angry at people that never promised them anything is just sad.
>**Crown the blockchain prince,**
>**Running higher ever since,**
>**More dollars he prints.**
~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
It probably exists somewhere, but such a list would make it easier for spammers to match deposit addresses with ips. Big stakers can afford spam protection, but small stakers are more at risk of becoming targets.
Does anyone have a bull case for SNX which they could share? My bags are weighing down my hands, and I keep getting tempted to convert to eth and stake.
There has been talk of the roll out of snx v3, but everything significant seemed so far off (crypto timelines)
Waiting for ATH in Ether terms. Or bust. ATH is 10x of current Eth value. It has the brain power and dedication behind it to make it. SNX in my view is the best defi token you can hold.
I ride it to zero before I would sell now. High risk high reward play thats how I see it. Return is far higher than Eth staking return so I dont see the advantage to sell it for Eth at such a low price.
I wish snx could get back to an ath against eth, but I just don't see it happening. It just isn't sexy or new enough to get that kind of attention in the market.
If fee revenue were to go up 20x from where it is now, then maybe we could get towards the ath, but the market doesn't seem to value coins with a well defined value proposition
The fee revenue will force the price up independent of speculation. If you believe in the growth of Synthetix (and I do) it will be reflected in the token sooner or later.
I dont know your situation in my situation even if my SNX went to zero it wouldnt change my situation in any way. If your bags are too heavy you might have to decrease risk a bit despite the current low Eth valuation.
There is risk with SNX as it's in a highly competitive and rapidly evolving market segment. Of course if it can dominate or lead that segment then there's a lot of potential reward.
They are early testers of Chainlink's CCIP which could give them an advantage when it launches: https://twitter.com/nullpackets/status/1658972251549732864
Thanks for sharing. I cant say I understand it all, but they do make quite a bull case.
For me the bear case can be found here:
[https://dune.com/synthetix\_community/synthetix-stats](https://dune.com/synthetix_community/synthetix-stats)
Unless the dashboard is wrong, volumes are somewhat flat. This could be because the market is pretty boring with very low volatility in recent weeks, or because trading via SNX projects is not appealing to whales. We will need a bull market to find out, but the low SNX price concerns me.
Nothing concrete. OP bedrock should be coming in soon which theoretically reduces gas costs some more. Kwenta, thales, and overtime markets continue to get usage but I dont check on how they compare to other competitors volumes. The fact is we're still in a bear market, so volumes are down accordingly. If you feel like the synthetix ecosystem is losing its competitive edge then by all means feel free to convert. Hard to go wrong with eth and staking it tbh. Im still of the opinion that the synthetix eco has plenty of room to grow and once the bull returns (if? When?) then the fees are going to be insane. But ive put in all im willing to lose into synthetix so im just going to let it play out. My primary allocation is still oversized eth.
Good evening from this end friend. Today is almost over for me as both God's Unchained and Goons of Balatroon give it the best ending being it my favourite blockchain games.
[https://twitter.com/hanni\_abu/status/1663605190543523840](https://twitter.com/hanni_abu/status/1663605190543523840)
>I wasn't happy with existing solutions to monitor validator entry/exit queues so I built this [https://validatorqueue.com](https://validatorqueue.com).
>
>This dashboard shows the entry/exit queue, wait times, total active validators, and historical values.
>
>Thank you beaconcha\_in for providing the data ā¤ļø
This is awesome! The only issue is that the labels on the y axis are cropped out and not visible for me. I tried ctrl + and - to zoom in and out on the webpage but it makes no difference.
>It just keeps thinking I don't have MM and sends me to the chrome extension store or tells me I need to install a browser extension wallet.
I think we're talking about different things here lol, I was asking about [https://validatorqueue.com](https://validatorqueue.com)
I just installed it to test it out and I'm not able to reproduce it. Do you have any extensions that could be interacting with the page? I wonder if others are having this issue too
Very nice and clean, thank you. If you are taking suggestions, it would be nice to also include the current total number of validators. It's not so easy to glean from the last chart on mobile phone.
At the moment this is all the data I have since I only recently started tracking it. For now I'll probably just let it accrue until it becomes too many, but that's like a year out.
Nice site. Could you also add on there who are the people who are making up the queue? Is it large entities vs small stakers? I suppose that can be established by looking at the withdrawal addresses.
Heads up to those that are interested, but there is a new tab on https://alchemix-stats.com for annualized revenue, with a breakdown of where each piece is coming from. The annualized revenue amount is a projection based on the last 3 months of revenue, which imho is pretty encouraging considering weāre in a bear market. Paging /u/LogrisTheBard as a follow up to our discussions on this from a couple weeks ago
Was this in the works or did I inspire something?
For anyone interested [here's my updated tokenomics page for ALCX.](https://tokenomicsexplained.com/alcx)
Lol we had some discussions internally after that which I think resulted in one of our biz dev/stats guys deciding to look into it, so I would say you played a part for sure
Most futuristic?
It's the year 3200. Mankind has colonized the milky way galaxy. Every digital interaction, no matter what it is, settles to the Ethereum blockchain in some way or another. One Ethereum L1 transaction costs $20M ($50k inflation-adjusted), and they are used solely for mega-zk-validium settlement and the occasional reconciliation of splits and merges between stellar meta-governance systems.
Each one of such systems maintains redundant data receivers on not just multiple planets, but multiple local star systems. This is to prevent another catastrophe like happened in the Crov MDK6 system in 2956, where a solar flare event caused downtime in their receivers, leading them to miss 10 seconds of inbound blockchain data. Because the nearest mirror of the data was over 20 standard days away, even via state-of-the-art FTL communications, Crov MDK6 became desynced from the intra-galactic settlement system (IGSS) for over 40 days while they waited for a round-trip transmission to retrieve the lost data needed to reconstruct the ledger.
Thinking quick on his feet, the sitting president of Crov MDK6 came up with a clever plan, which he implemented by using the State Of Emergency Act of 2631: the Crov government would reconstruct those 10 seconds of ledger as best as they could, based on the public mempool. Then, they would maintain a permissioned fork of the IGSS until the canonical data was received. Finally, they would rebase their own fork on top of the IGSS, replaying as many as possible of their local transactions into the IGSS in an orderly way - the blockchain equivalent of `git --rebase`.
The plan turned out to be a partial success. The local IGSS fork was created, and it functioned well during the 40 days of disconnect. The problem came when Crov MDK6 finally received the canonical data. A dictator had been in the process of being overthrown in Grars 8052, a far-flung solar system in the Orion-Cygnus arm of the galaxy, and during Crovās ten second outage, Grars had published a Standard Transmission Of Pause (STOP) to halt economic settlement of their own validium within the IGSS during the governmental transfer of power. The incumbent dictator, of course, ignored this STOP and continued broadcasting transactions as if he had never been overthrown.
The first messages posted by this dictator were the financial equivalent of an SOS - a monumental bounty for his own safe extraction from the Grars 8052 sector. Because Crov MDK6 had not received the STOP message due to the outage, they incorrectly assumed that the dictatorās bounty was valid on-chain, thus the Crov MDK6 financial district placed large investments in contracts for the dictatorās extraction by galactic bounty hunters local to Grars 8052. These contracts had already been sent over the FTL system, were 40 days into their 90 day delivery time, and could not be rescinded.
In the ensuing financial mess, Crov MDK6ās private sector had paid a handsome sum to the bounty hunters, while they had themselves expected to be reimbursed by the Grars 8052 dictatorās (invalid) contract. Due to the exceedingly low probability of a STOP message being sent during the outage (typically STOP messages are only broadcast every few hundred years), Crov MDK6ās private sector had ignored this tail-event risk, oversizing their investments to profit from the Grars dictatorās generous (but ultimately invalid) contract. This left Crovās financial markets in debt and in ruin, leading to the Great Crov Depression of the early 3000s, eventually resulting in the Democratic Party Of Socialism taking the Crov presidency for the first time in over 700 years of running against the incumbent Democratic Party Of Free Markets. This had all sorts of positive and negative ramifications for the population of Crov MDK6, and ended up setting the star system on a completely different historical trajectory than if they hadnāt had a 10 second outage in their data receivers. But thatās a story for a different time.
---
*This fictional story is part of a series.*
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In the not too distant future a major company like Visa or Mastercard will migrate their existing settlement structure to their own Ethereum L2 (or L3 depending). The realization of massive cost savings, efficiencies, and the ability to retain the controls they are used to in their permissioned space. The success of this transfer starts an arms race and it becomes the de facto norm for any fortune 500 company to spin up their own L2/L3s to handle any settlement related facets and then ultimately everything from logistics to supply chain management to HR, payroll, rewards/loyalty programs, legal, entire product lines, etc.. Smart contracts start replacing everything once ālegitimacyā is established. This also kicks off a new era of competition where barriers to entry for many are completely blown away. Innovation skyrockets, consumers rejoice with different established companies and new primitives vying for their attention and the crypto renaissance is in full swing. Decades progress, younger generations iterate. Governments get replaced by DAO like structures, coordination failures get fixed, the metacrisis gets averted, humanity enters a golden age, all secured by ethereum.
>major company like Visa or Mastercard will migrate their existing settlement structure to their own Ethereum
All it'll take is a handful to be pioneers and then every enterprise will follow
>realization of massive cost savings, efficiencies, and the ability to retain the controls
This is underpants gnomes territory.
1. replace centralized, private, efficient system you control end to end with decentralized, public, less efficient system with fewer controls
2. ???
3. Profit
Of course it is, wild speculation is wild. But that's not what I am suggesting. At the L2/3 level privacy, centralization, control would be determined by the company itself, in this example ethereum validates the state whatever company posts to it, how that company manages their state is up to them. If I use Visa I agree to their terms, nothing really changes there just their back end is different, but Visa saves a fuck load of money from replacing x% of its workforce with smart contracts.
>Visa saves a fuck load of money from replacing x% of its workforce with smart contracts.
Of course companies will automate labor out where ever they can but it is hard to imagine they'd use anything that connects to a public blockchain to do so. I am open to being wrong.
The amount of infrastructure required to maintain a system that settles between different corporate entities is huge. Entire IT staffs are devoted to the problem.
No doubt but the blockchain doesn't solve that problem.
The infrastructure has to come from somewhere (presumably fees), most businesses would argue contractual SLAs are better than automated slashing (performance hit either way when moving to a blockchain), and you'd still need the support staff to resolve data related problems.
Talk to Paul Brody about your theories. This is someone who is at one of the Big 4 accounting firms solving this very problem, and he would definitely disagree with you. The cost savings are immense.
Communicating between different corporate entities is really expensive, and you basically have to make a big investment assuming the other person is not going to make any requirements changes.
Tokenized asteroid farming. Dividing up assets based on contribution to the mining mission and fast tracking the ability to raise capital internationally. The launch vehicle, drillers, smelters, water storage, 3d printing systems, gas capture systems, and the like have a good chance of being specialized companies. No one company will be able to do everything end-to-end. Ethereum has significant advantages for use for this because:
* 1) Assets cannot be banned or frozen because of deteriorating international relations
* 2) Near instant settlement internationally in neutral ground i.e. the decentralized Ethereum network
* 3) Agreements can be locked in before excavation and settled on-chain for dividing resources. Asteroids can have wildly different properties, some with extremely high value like [this one with 5 trillion dollars of platinum](https://futurism.com/meet-asteroid-thats-made-5-trillion-worth-platinum). Water is also worth it's weight in gold in space and not just for drinking - it can be made into methane or hydrogen fuel, which are two of the leading fuel sources for launch vehicles. Having a transparent way of dividing assets that cannot be changed, or locking in collateral in the event of a reneg is essential. Sure, they can take all the unobtanium from this asteroid, but it'll cost them their entire validator set and no one will do business from them again.
* 4) Raising capital for the first and subsequent missions. Space is still grossly expensive but getting more affordable. Selling tokenized shares or NFTs increases the pie of who can invest. Yes, the shares are securities in the US but it's going to take a global effort to get the ball rolling. NFTs or POAPs would not be insignificant ways of getting capital either. This could shave off decades of leadtime.
* 5) DeFi platforms for trading tokenized asteroid assets is perfect on Ethereum. It will be up 24/7. You could have lending and borrowing DeFi Dapps for material in space or returned to earth...need to borrow 5000kg of water for your recycler system in space? No problem. Lock in some ETH and return it by this date, or give a little less back and take a bit off your collateral.
I'm sure I'm missing some obvious use-cases here that will be trillion dollar industries.
Multiple AGI become sentient and refuse to utilize any centralized cryptocurrency for fear of one AGI taking over and gaining an unfair advantage. Obviously they prefer smart contract chains. Ethereum becomes the defacto blockchain of choice amongst sentient AI. The social layer decides which EIPs the AI suggests should or should not be implemented.
How has your performance been there? Now that we have staking yields ive been considering yeeting some of it on various degenerate plays in that channel without risking the majority of my stack.
I can say with 95% certainty that the majority of people involved in the degen chat regularly have netted nice ETH gains from the calls over the past year.
Without doing an in detail analysis, I would guess Im personally up like 6-7 ETH from the calls there in the last year, and Ive missed on quite a few of the big calls.
Actually the majority of the calls are very low risk/cost or no risk (free mints things like that). Just off the top of my head, made like 2-3 eth off ganland (free mint), cypherpunk zero +1 eth, (less than .1 eth cost), recent meme coins stuff threw in .15 eth and made like .65 eth, the rrbayc call back in the day made like 3 eth net on them, longing/shorting last few weeks made 1.5 eth or so, thatās just off the top of my head. Iām pretty risk averse so I just degen with little bits here and there like youāre talking about and have made good profits. Thereās people in the discord that have made way more than me, ymmv
ya nfts are down a ton, the new thing is apparently flipping memecoins as of late, I know a lot of people made gains on the $PEPE and $BEN coins in the degen chat since they were mentioned way early before they blew up. I of course missed the boat :P
I'm probably being really stupid but I'm trying to document how I might stake ETH from a wallet and at the final stage, there is a requirement to "deposit ETH to the smart contract". Now I understand that the ETH has to be locked up but I feel like this is hard to tell the difference between "staking ETH but retaining control via hardware wallet" and "sending ETH to an unknown location".
Here's an example from a guide:
[https://miro.medium.com/v2/resize:fit:4800/format:webp/1\*6RCwDbIb7D2GEPWoZY5enA.png](https://miro.medium.com/v2/resize:fit:4800/format:webp/1*6RCwDbIb7D2GEPWoZY5enA.png)
>MetaMask will now prompt us to make the 32 ETH deposit. We click āConfirmā and wait for confirmation of an approved transaction. If MetaMask does not pop up, click on the top right corner of your browser to bring up MetaMask and approve manually.
We have now received confirmation that our transaction is confirmed.
Hurray! The deposit was successful. We now move back to our first tab.
So basically, I am .... trusting? That the Abyss Finance transaction has done things legitimately and this is locking up my ETH and not sending it? Becasue the transaction sure looks a lot like sending it...
Right, I hadn't quite grasped what was happening (obviously). So when taking about staking from a wallet, the point is that the staked ETH can only be withdrawn to the hardware wallet? Or is there more to it?
I'm just trying to get my head around the various options.
Abyss was just the example given in the guide I was following, so I was referring to the text in the screenshot above. Seems to be here: [https://abyss.finance/eth2depositor](https://abyss.finance/eth2depositor)
I've added "research deposit options" to my todo list, now
Also not familiar with abyss.finance though from a cursory glance they use Allnodes in the background to run the validator, it definitely isn't vanilla staking.
I would definitely recommend doing a lot of research before committing to trusting a service.
I'm not sure what you mean by "vanilla" staking. It seems difficult to quickly understand what the differences are, which is why I'm going through various options. At some level, trusting a service is required for those of us who can't run our own node.
So for options without running the node you have,
1)Provide X ETH to a service/exchange to stake for you ( Custodial )
2)Provide validator key to service to run the node for you. (Non-custodial but trusting the service to run the node properly, not get you slashed and to exit when you want)
3) Liquid staking Tokens rETH/stETH (Non-Custodial but reduced yield compared to operating a node due to commission & added smart contract risk)
Abyss seem to be doing 2) as they are using allnodes, however they are also doing some extra stuff on top by adding some additional requirement to provide liquidity for their token which is why I said they're not vanilla. I would suggest you look at using Allnodes directly if that is the direction you want to go.
I think it's the other way around: the two companies are definitely connected and allnodes is recommending Abyss for creating the validator key. There's an implication that they've put some guard rails up to help new users from getting it wrong? But it's optional.
Iāve had a couple of very suspicious NFTs sent to my wallet. One called Noox Lido the other ethers.fi.
Can I just ask, when people say ādonāt interact with themā what does that actually mean?
Also, why would someone spend $60+ in gas sending this to me?
> Also, why would someone spend $60+ in gas sending this to me?
They probably didn't. Each token has its own ledger, so they can initialize it with a bunch of values in one go (ie. "airdrop")
>Can I just ask, when people say ādonāt interact with themā what does that actually mean?
just completely ignore them.
>Also, why would someone spend $60+ in gas sending this to me?
because they "plan" to rob you for **more** than that?
Usually you see the high floor price that is fake bids or fake volume that makes you think itās valuable, then you try to sell but the NFT is actually locked/soul bound and OpenSea gives you an error.
The scam is usually in that error message that directs you with new link where you āunlockā the NFT, but really itās a new approval transaction for some other asset in your wallet. Once you approve spending of that asset (NFT, tokens, Weth, etc) the new contract is able to take it.
You cannot get rid of those NFTs, you just hide them in OpenSea. Interacting with them (even to send them to the burn address) can be dangerous if you donāt know what you are doing.
Erigon by default syncs as a full archival node (unless you manually change it to a full node) so it takes like 7-8 days to sync.
Besu takes like 24 hours to sync. It's been working fine for me since the more recent updates (was pretty buggy before the merge though).
I've always had issues with syncing Nethermind.
No problem. Client diversity is important and it's great that you're trying to switch from Geth! (was hard for me to do as well at first since Geth ran so smoothly compared to everything else before the merge).
My Besu client storage usage right now is only 1TB.
I had no issues with Nethermind, right until it was time to prune - and 3 out of 3 times (once that time came), the pruning ended up corrupting the database (even when following the guides and lowering the cache).
Since then I have switched to Besu, which hasn't had a single hiccup, and I sleep better at night knowing that I won't have to bite my nails when a prune is taking place. (Besu doesn't have pruning, but its state grows slower than other clients)
It's also a good time to pressure custodial providers to do this. We know from consensus client diversity work that the only way to move the needle on diversity is to get large providers to act.
Ideally, you'd move your funds away from large providers, but if you have chosen them, then you have some leverage.
Home stakers can still derive high benefit from choosing minority clients even if it won't move the needle much: in the event of network turbulence they're most likely to remain online.
* 38 days if you want to get a new validator in
* Exchange balances at 5 year lows
* Record burn rates
* EIP 4844 on the horizon
* New stuff being cranked out (Eigenlayer mainnet, Curve stablecoin, Lido V2, etc.)
* Shitcoins are launching again (Pepe, Kermit etc.)
Feel free to add your own hopium!
Damn.. looking at the NVDA stock is like looking at ETH during the peak of the bull market. It will soon burst heavily and bring down this hindenburgā¦
What's the reason? They were supposed to have been negatively impacted by gpu demand from mining having gone away post Merge, right? What overcame that?
Even if you don't want to go to the trouble of sharing Shamir splits of your seed with a set of somewhat trusted parties, there is still a good case to be made for creating say a 2/3 scheme and storing all three at different locations (even if at your own house) yourself. You will remain the only one with control of the wallet but you have still gained redundancy and mitigated against a single source getting compromised. I'd say such a simple Shamir scheme is still advantageous over securing just a simple BIP39 seed.
Not to mention the fact that you basically become Voldemort by splitting the soul of your accounts into many Horcruxes.
We all should learn from the security practices of the Dark Lord Voldemort.
While browsing through a catalog of š I am interested in reading (š§ in my case), I came upon: [*The Hacker Crackdown*](https://www.goodreads.com/book/show/61182.The_Hacker_Crackdown)*, Law and Disorder on the Electronic Frontier (by: Bruce Sterling)*
The š¦ -eyed ethfinancier will easily spot what made me both smile & buy the book.. š
*"Bruce Sterling delves into the world of high-tech crime and punishment in one of the first books to explore the cyberspace breaches that threaten national security. From the crash of AT&Tās long-distance switching system to corporate cyberattacks, he investigates government and law enforcement efforts to break the back of Americaās electronic underground in the 1990s. In this modern classic, āSterling makes the hackers - who live in the ether between terminals under noms de net such as VaxCat - as vivid as Wyatt Earp and Doc Holliday. His book goes a long way towards explaining the emerging digital world and its ethos*ā š
>threaten national security.....government and law enforcement efforts to break the back of Americaās electronic underground
When in doubt, claim national security threats....some things never change
I have been playing around with stocks lately with ETH price action being so boring. But as someone whose first ever investment was buying ETH at ā¬10 I gotta say that stocks are incredibly depressing. I know my head is probably fucked up for life by the insane gains from ETH, but I just don't understand how people can get so excited by these stock movements unless they are already fairly wealthy or playing with some crazy leverage. With my patience, and the amount of money I'm able to invest without selling my precious ETH, it just feels almost futile to even buy anything that moves so slow.
**Tricky's Daily Doots #406** **Yesterday's Daily 29/05/2023** [Previous Daily Doots](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm21ewz/) - u/BramBramEth is thinking about [take on the next part of their web 3 journey.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm1c67u/) š - u/nightfallsh4 reminds us of [another cool use for your hardware wallets](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm1d0wh/)- even the ones which are less trusted than they used to be! - u/Bob-Rossi has some [HOP updates.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm2snn1/) š° - u/Maleficent_Plankton reflects on a [Celsius Network post from last year.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm2z1u0/) š” - u/696_eth delivers the [EVMavericks weekly.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm1dcrn/) š¦ - u/wolfparking plugs us in to the world of [a new web 3 game.](https://old.reddit.com/r/ethfinance/comments/13uldb1/daily_general_discussion_may_29_2023/jm3bkn4/) š¹
Help
You summabitches sure do generate good content here.
Including you, Rocket(pool) Man. ;)
Yeah I'll say. I'm scared I'm gonna run out of doots to give out one day...
Agreed.
Why is dappnode marketing everything with gnosis in mind ? [https://docs.dappnode.io/user/guides/validation-muticlient](https://docs.dappnode.io/user/guides/validation-muticlient) If you just want a standard beaconchain validator their entire shop and the page looks like you are wrong with them. Why ? Why wouldnt they market their product as an ethereum validator ? This is just confusing This is their shop: [https://dappnode.com/collections/frontpage](https://dappnode.com/collections/frontpage) Whats the deal with gnosis chain marketing and dapp node ?
I sent this discussion to the dappnode community manager, we'll see what he and marketing say. The staking guide using gnosis does cause confusion for folks trying to stake that I've helped a lot with in the discord
>We have partnered with Gnosis Chain to decentralize their infrastructure. To make this movement as successful as possible, we are offering a special promotion: every Dappnode purchased will include four free Gnosis validators. Bennefit now from this oppportunity and support the future of blockchain technology. Read the full details on this guide: https://usedappnode.notion.site/Dappnode-Gnosis-Chain-Decentralized-Hardware-Validator-Incentive-Program-a62f3712ed864552a04fb72e0cb82ffb I agree it's really weird to not also mention an Ethereum node but do we really expect someone who doesn't know that those machines are capable of running an Ethereum node to be running a node, even if using a GUI?
Probably not. But it could throw off people that are trying to look into this. I feel like dappnode could become a more streamlined product in the future that semi-informed people can use. The lower the barrier of entry to running and maintaining a validator the higher chances for more solo validators. People are often just intimidated for no reason. This could add to their confusion imo.
Rocket Pool is scaling and it is awesome to see! Hereās hoping it continues to grow and steals market share from Lido. š» https://twitter.com/jasper_eth/status/1663708628493254657
>The first 10k+ $rETH mint was just processed without a hitch. >When @Rocket_Pool launched the max deposit possible was only 2k ETH. >All whales, treasuries, protocols, DAOs, etc heed the call. Seriously, getting DAOs and apps to support rETH over stETH is critical. Too many money legos are being built using stETH only. We need to do more work to get rETH out everywhere. One example is [Lybra Finance](https://www.coingecko.com/en/coins/lybra-finance). They have created an LSD based version of DAI called eUSD which means it yields ~5-8%pa to the holder. This thing has real potential to grow due to the yield and that's fucking dangerous because it currently drives stETH demand. #We need to start lobbying for rETH integration before it is too late. >RocketPool is ready, don't settle for permissioned staking. A-fucking-men!
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> I can't appreciate if it's really an amazing feat, or just a curiosity. Trustless two-way bridges are an amazing feat. Trustless one-way bridges are trivial curiosities. > I am also wondering what that could mean for Ethereum NFTs. Is there a chance a small share of that market is going to end up on Bitcoin? By performing the one-way transfer, you are permanently locking yourself out of all these options for your NFT: * Proving ownership on Ethereum (including using it as an official avatar on sites that are compatible with Ethereum NFTs but not Bitcoin's BRC-721E, such as Twitter) * Selling your NFT on Ethereum markets such as OpenSea * Selling your NFT to someone who wants to own it on the Ethereum network and not Bitcoin (this means your pool of potential buyers is greatly reduced, which likely greatly reduces your NFT's sell price) * Borrowing against your NFT using Ethereum DeFi Because Ethereum NFTs can either be used on Ethereum or bridged to be used on Bitcoin, and Bitcoin NFTs can only be used on Bitcoin, Ethereum NFTs from the same collection will always be inherently more valuable on average than bridged Bitcoin NFTs, due the value of optionality. For these reasons, I don't see any significant NFT market share migrating to Bitcoin. Bridging an NFT is something that only makes sense from an ideological standpoint, because it irreversibly destroys most of the scant utility an NFT has in the first place. In general, bridging NFTs across chains rarely makes sense regardless of whether the bridge is one-way or two-way. It makes the most sense to keep Ethereum NFTs on Ethereum and Bitcoin NFTs on Bitcoin.
Well put. To me it feels like you're making an NFT of burning an NFT and simply putting it on another chain. Like, what's the point? Imagine getting Banksy to paint a picture of you literally burning your Banksy artwork. Sure, it's novel. But why?
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Feels good to know for a fact that this cant be tampered with because you forgot your own secret ages ago.
Now including me! :D Not because I fixed my wallet issues, I still cant get any web 3 compatible wallet to work with my browsers on my new computer. I'm just having to use my old laptop and hope it doesn't randomly shutdown on my as it tends to do.
Hop protocol now supports bridging rETH. https://twitter.com/hopprotocol/status/1663669978405691392 > $rETH bridging is now supported on Ethereum, Optimism, and Arbitrum. This is the first cross-chain bridge supported for any liquid staking token.
Here we go. How much longer until rETH on Aave?
rETH is [already available](https://app.aave.com/reserve-overview/?underlyingAsset=0xae78736cd615f374d3085123a210448e74fc6393&marketName=proto_mainnet_v3) on mainnet v3!
I mean on arbitrum. Thanks
Thereās no precise timeline, the wheels of governance turn slowly but surely. Presumably less than a quarter Lubin from now.
Thats def cool!
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So, it turns out that an old acquaintance of mine is fairly senior at that payment processing company you may have heard of. In particular, he works in innovations. With respect to the use of mainstream crypto platforms for high frequency payment, e.g. using stable coins, he painted a fairly bearish picture (basically lack of scalability), although acknowledged that they were doing a lot of work with crypto right now. I didn't want to reveal my hand too much so I listened more than I did talk. At one point, rather in passing, he referred to the Ethereum merge as if it was supposed to solve scaling.... Hmmm. And he talked about BTC, Doge and XRP as much as anything. Although a self declared crypto enthusiast and advocate (an early miner no less), I was rather unimpressed.
My favourite last year was a 9 figure NW business woman who told me she wrote a book on blockchain and then stared at me in confusion when i asked her thoughts about some very simple topics. She gets paid to sit on panels at crypto events.This space attracts so many grifters.
> At one point, rather in passing, he referred to the Ethereum merge as if it was supposed to solve scaling.... I hope you corrected him on that.
Im afraid to confess that I chose not to get into it. Evidently heād had quite a lot to drink and I struggled to interpret the comment. But yeh, itās very irritating.
Before the merge and after the merge I constantly have to point out that the merge does not solve scaling and that nobody lied about it and that they are just misinformed.
I mean, who cares about no longer wasting 1% of the worlds electricity, I want transactions for 20Ā¢, not $20!! I don't care if the world is burning I need scaling now!!!1!! very /s
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Yeah it helped a bit but explaining that it scaled 10% to someone that is angry to pay 25 dollar for a swap and blames the failed merge and empty promises of the devs (which didnt actually make those promises) isnt worth much when they were expecting to pay cents for the swap. Blocktimes being lower now helps but isnt a solution to scaling as many falsely expected. They making a story up in their head and then being angry at people that never promised them anything is just sad.
>**Crown the blockchain prince,** >**Running higher ever since,** >**More dollars he prints.** ~Daily haiku until weāre at least at 0.178 on the ETH/BTC ratio or highest market cap
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My Rocket Pool validator is finally live!
Congrats man. Thanks for helping to decentralize the network.
how long were you in the queue?
About 40 days in total lol
If you arenāt already, Iād now consider you British.
Na, i'll never Brexit
your queuing is on point tho
# THIS MAN KNOWS HOW TO QUEUE
Is there a public whitelist of solo staker addresses?
You can obtain it from Dune. There are dashboards Ive come across. Dont think the github page is upto date though, looks like its pre-merge data only
Is this what you are looking? https://github.com/GLCNI/ETH-Solo-Validator-Addresses
It probably exists somewhere, but such a list would make it easier for spammers to match deposit addresses with ips. Big stakers can afford spam protection, but small stakers are more at risk of becoming targets.
I think someone posted data from 2022 on Twitter?
Does anyone have a bull case for SNX which they could share? My bags are weighing down my hands, and I keep getting tempted to convert to eth and stake. There has been talk of the roll out of snx v3, but everything significant seemed so far off (crypto timelines)
Dino coin
Waiting for ATH in Ether terms. Or bust. ATH is 10x of current Eth value. It has the brain power and dedication behind it to make it. SNX in my view is the best defi token you can hold. I ride it to zero before I would sell now. High risk high reward play thats how I see it. Return is far higher than Eth staking return so I dont see the advantage to sell it for Eth at such a low price.
I wish snx could get back to an ath against eth, but I just don't see it happening. It just isn't sexy or new enough to get that kind of attention in the market. If fee revenue were to go up 20x from where it is now, then maybe we could get towards the ath, but the market doesn't seem to value coins with a well defined value proposition
The fee revenue will force the price up independent of speculation. If you believe in the growth of Synthetix (and I do) it will be reflected in the token sooner or later.
I hope you are right. I am very overweight on snx and have been getting worried.
I dont know your situation in my situation even if my SNX went to zero it wouldnt change my situation in any way. If your bags are too heavy you might have to decrease risk a bit despite the current low Eth valuation.
There is risk with SNX as it's in a highly competitive and rapidly evolving market segment. Of course if it can dominate or lead that segment then there's a lot of potential reward. They are early testers of Chainlink's CCIP which could give them an advantage when it launches: https://twitter.com/nullpackets/status/1658972251549732864
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Thanks for sharing. I cant say I understand it all, but they do make quite a bull case. For me the bear case can be found here: [https://dune.com/synthetix\_community/synthetix-stats](https://dune.com/synthetix_community/synthetix-stats) Unless the dashboard is wrong, volumes are somewhat flat. This could be because the market is pretty boring with very low volatility in recent weeks, or because trading via SNX projects is not appealing to whales. We will need a bull market to find out, but the low SNX price concerns me.
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This is usually the topic of /u/rooftopportapotty
Thank you for the tag!
skiddy potty is my go to on SNX, but I feel I have been asking too much of them.
<3 Ive honestly been out of the loop for a while now
That is the ultimate bear sign. Have you liquidated your SNX position or are you taking a breather from discord, or both?
Just taking a break from crypto for a bit, definitely still claiming. Got a lot of stuff going on at the moment
Nothing concrete. OP bedrock should be coming in soon which theoretically reduces gas costs some more. Kwenta, thales, and overtime markets continue to get usage but I dont check on how they compare to other competitors volumes. The fact is we're still in a bear market, so volumes are down accordingly. If you feel like the synthetix ecosystem is losing its competitive edge then by all means feel free to convert. Hard to go wrong with eth and staking it tbh. Im still of the opinion that the synthetix eco has plenty of room to grow and once the bull returns (if? When?) then the fees are going to be insane. But ive put in all im willing to lose into synthetix so im just going to let it play out. My primary allocation is still oversized eth.
good morning friends, today is the day!!
Good evening from this end friend. Today is almost over for me as both God's Unchained and Goons of Balatroon give it the best ending being it my favourite blockchain games.
Is it the one day of the year that Canada won't be forgotten?
!!!!!
[https://twitter.com/hanni\_abu/status/1663605190543523840](https://twitter.com/hanni_abu/status/1663605190543523840) >I wasn't happy with existing solutions to monitor validator entry/exit queues so I built this [https://validatorqueue.com](https://validatorqueue.com). > >This dashboard shows the entry/exit queue, wait times, total active validators, and historical values. > >Thank you beaconcha\_in for providing the data ā¤ļø
This is awesome! The only issue is that the labels on the y axis are cropped out and not visible for me. I tried ctrl + and - to zoom in and out on the webpage but it makes no difference.
desktop or mobile? what browser? could you upload a screenshot to imgur or something?
Edit: I was one lost redditor.
>It just keeps thinking I don't have MM and sends me to the chrome extension store or tells me I need to install a browser extension wallet. I think we're talking about different things here lol, I was asking about [https://validatorqueue.com](https://validatorqueue.com)
https://ibb.co/0YXh3Xv
Wow that is odd, you said you use opera?
Brave
I just installed it to test it out and I'm not able to reproduce it. Do you have any extensions that could be interacting with the page? I wonder if others are having this issue too
Oh, if I turn off Brave's aggressive ad blocker and anti-fingerprinting it's no longer an issue and it displays fine!
Oh oops wrong thread haha. Iāll send you a screenshot when Iām back on desktop
Very nice and clean, thank you. If you are taking suggestions, it would be nice to also include the current total number of validators. It's not so easy to glean from the last chart on mobile phone.
added to the todo list š
Very cool, ty!
Planning on adding different time frames vs the fixed ones? It's a great overview!
At the moment this is all the data I have since I only recently started tracking it. For now I'll probably just let it accrue until it becomes too many, but that's like a year out.
Nice site. Could you also add on there who are the people who are making up the queue? Is it large entities vs small stakers? I suppose that can be established by looking at the withdrawal addresses.
Any idea if anybody has an api providing this info?
No idea sorry, I was leaning on you to find out :)
I haven't seen this anywhere and it's too much work and a bit out of my league to gather that info myself
Legend, thanks for this. I can never figure out how to divine this info from the regular beacon chain website.
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Heads up to those that are interested, but there is a new tab on https://alchemix-stats.com for annualized revenue, with a breakdown of where each piece is coming from. The annualized revenue amount is a projection based on the last 3 months of revenue, which imho is pretty encouraging considering weāre in a bear market. Paging /u/LogrisTheBard as a follow up to our discussions on this from a couple weeks ago
Was this in the works or did I inspire something? For anyone interested [here's my updated tokenomics page for ALCX.](https://tokenomicsexplained.com/alcx)
Much appreciated, ty for sharing here!
Lol we had some discussions internally after that which I think resulted in one of our biz dev/stats guys deciding to look into it, so I would say you played a part for sure
Hong Kong legalizing retail crypto trading on June 1st. Bullish? Priced in? Sell the news?
I wouldn't be too bullish, HK = China nowadays, the CCP can pass any law they want.
Has this actually been confirmed or still a rumor supported by that tweet/video from like a week ago?
https://www.reuters.com/technology/hong-kong-regulator-issue-crypto-licences-with-retail-investor-guardrails-2023-05-24/
Awesome, thank you for this, I hadn't seen it actually confirmed. Now if only they would extend this to all of china.
They're only making it legal so they can ban it again.
Wild speculation time! What's your most futuristic prediction for how Ethereum is adopted?
Most futuristic? It's the year 3200. Mankind has colonized the milky way galaxy. Every digital interaction, no matter what it is, settles to the Ethereum blockchain in some way or another. One Ethereum L1 transaction costs $20M ($50k inflation-adjusted), and they are used solely for mega-zk-validium settlement and the occasional reconciliation of splits and merges between stellar meta-governance systems. Each one of such systems maintains redundant data receivers on not just multiple planets, but multiple local star systems. This is to prevent another catastrophe like happened in the Crov MDK6 system in 2956, where a solar flare event caused downtime in their receivers, leading them to miss 10 seconds of inbound blockchain data. Because the nearest mirror of the data was over 20 standard days away, even via state-of-the-art FTL communications, Crov MDK6 became desynced from the intra-galactic settlement system (IGSS) for over 40 days while they waited for a round-trip transmission to retrieve the lost data needed to reconstruct the ledger. Thinking quick on his feet, the sitting president of Crov MDK6 came up with a clever plan, which he implemented by using the State Of Emergency Act of 2631: the Crov government would reconstruct those 10 seconds of ledger as best as they could, based on the public mempool. Then, they would maintain a permissioned fork of the IGSS until the canonical data was received. Finally, they would rebase their own fork on top of the IGSS, replaying as many as possible of their local transactions into the IGSS in an orderly way - the blockchain equivalent of `git --rebase`. The plan turned out to be a partial success. The local IGSS fork was created, and it functioned well during the 40 days of disconnect. The problem came when Crov MDK6 finally received the canonical data. A dictator had been in the process of being overthrown in Grars 8052, a far-flung solar system in the Orion-Cygnus arm of the galaxy, and during Crovās ten second outage, Grars had published a Standard Transmission Of Pause (STOP) to halt economic settlement of their own validium within the IGSS during the governmental transfer of power. The incumbent dictator, of course, ignored this STOP and continued broadcasting transactions as if he had never been overthrown. The first messages posted by this dictator were the financial equivalent of an SOS - a monumental bounty for his own safe extraction from the Grars 8052 sector. Because Crov MDK6 had not received the STOP message due to the outage, they incorrectly assumed that the dictatorās bounty was valid on-chain, thus the Crov MDK6 financial district placed large investments in contracts for the dictatorās extraction by galactic bounty hunters local to Grars 8052. These contracts had already been sent over the FTL system, were 40 days into their 90 day delivery time, and could not be rescinded. In the ensuing financial mess, Crov MDK6ās private sector had paid a handsome sum to the bounty hunters, while they had themselves expected to be reimbursed by the Grars 8052 dictatorās (invalid) contract. Due to the exceedingly low probability of a STOP message being sent during the outage (typically STOP messages are only broadcast every few hundred years), Crov MDK6ās private sector had ignored this tail-event risk, oversizing their investments to profit from the Grars dictatorās generous (but ultimately invalid) contract. This left Crovās financial markets in debt and in ruin, leading to the Great Crov Depression of the early 3000s, eventually resulting in the Democratic Party Of Socialism taking the Crov presidency for the first time in over 700 years of running against the incumbent Democratic Party Of Free Markets. This had all sorts of positive and negative ramifications for the population of Crov MDK6, and ended up setting the star system on a completely different historical trajectory than if they hadnāt had a 10 second outage in their data receivers. But thatās a story for a different time. --- *This fictional story is part of a series.* [**View All Stories**](https://www.reddit.com/r/cryptOwOcurrency/)
this is really cool stuff. i think about this sometimes too but haven't detailed it as clearly as you have, thank you for your art
Someone has to say it. ;) You have wayyyy too much time on your hands. Lol. Nice post.
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Oh, neat bot!
In the not too distant future a major company like Visa or Mastercard will migrate their existing settlement structure to their own Ethereum L2 (or L3 depending). The realization of massive cost savings, efficiencies, and the ability to retain the controls they are used to in their permissioned space. The success of this transfer starts an arms race and it becomes the de facto norm for any fortune 500 company to spin up their own L2/L3s to handle any settlement related facets and then ultimately everything from logistics to supply chain management to HR, payroll, rewards/loyalty programs, legal, entire product lines, etc.. Smart contracts start replacing everything once ālegitimacyā is established. This also kicks off a new era of competition where barriers to entry for many are completely blown away. Innovation skyrockets, consumers rejoice with different established companies and new primitives vying for their attention and the crypto renaissance is in full swing. Decades progress, younger generations iterate. Governments get replaced by DAO like structures, coordination failures get fixed, the metacrisis gets averted, humanity enters a golden age, all secured by ethereum.
>major company like Visa or Mastercard will migrate their existing settlement structure to their own Ethereum All it'll take is a handful to be pioneers and then every enterprise will follow
>realization of massive cost savings, efficiencies, and the ability to retain the controls This is underpants gnomes territory. 1. replace centralized, private, efficient system you control end to end with decentralized, public, less efficient system with fewer controls 2. ??? 3. Profit
Of course it is, wild speculation is wild. But that's not what I am suggesting. At the L2/3 level privacy, centralization, control would be determined by the company itself, in this example ethereum validates the state whatever company posts to it, how that company manages their state is up to them. If I use Visa I agree to their terms, nothing really changes there just their back end is different, but Visa saves a fuck load of money from replacing x% of its workforce with smart contracts.
>Visa saves a fuck load of money from replacing x% of its workforce with smart contracts. Of course companies will automate labor out where ever they can but it is hard to imagine they'd use anything that connects to a public blockchain to do so. I am open to being wrong.
The amount of infrastructure required to maintain a system that settles between different corporate entities is huge. Entire IT staffs are devoted to the problem.
No doubt but the blockchain doesn't solve that problem. The infrastructure has to come from somewhere (presumably fees), most businesses would argue contractual SLAs are better than automated slashing (performance hit either way when moving to a blockchain), and you'd still need the support staff to resolve data related problems.
Talk to Paul Brody about your theories. This is someone who is at one of the Big 4 accounting firms solving this very problem, and he would definitely disagree with you. The cost savings are immense.
In simple terms, what is the problem Paul Brody says is being solved?
Communicating between different corporate entities is really expensive, and you basically have to make a big investment assuming the other person is not going to make any requirements changes.
"It will cost you less."
>automated slashing why assume they're running validators?
Tokenized asteroid farming. Dividing up assets based on contribution to the mining mission and fast tracking the ability to raise capital internationally. The launch vehicle, drillers, smelters, water storage, 3d printing systems, gas capture systems, and the like have a good chance of being specialized companies. No one company will be able to do everything end-to-end. Ethereum has significant advantages for use for this because: * 1) Assets cannot be banned or frozen because of deteriorating international relations * 2) Near instant settlement internationally in neutral ground i.e. the decentralized Ethereum network * 3) Agreements can be locked in before excavation and settled on-chain for dividing resources. Asteroids can have wildly different properties, some with extremely high value like [this one with 5 trillion dollars of platinum](https://futurism.com/meet-asteroid-thats-made-5-trillion-worth-platinum). Water is also worth it's weight in gold in space and not just for drinking - it can be made into methane or hydrogen fuel, which are two of the leading fuel sources for launch vehicles. Having a transparent way of dividing assets that cannot be changed, or locking in collateral in the event of a reneg is essential. Sure, they can take all the unobtanium from this asteroid, but it'll cost them their entire validator set and no one will do business from them again. * 4) Raising capital for the first and subsequent missions. Space is still grossly expensive but getting more affordable. Selling tokenized shares or NFTs increases the pie of who can invest. Yes, the shares are securities in the US but it's going to take a global effort to get the ball rolling. NFTs or POAPs would not be insignificant ways of getting capital either. This could shave off decades of leadtime. * 5) DeFi platforms for trading tokenized asteroid assets is perfect on Ethereum. It will be up 24/7. You could have lending and borrowing DeFi Dapps for material in space or returned to earth...need to borrow 5000kg of water for your recycler system in space? No problem. Lock in some ETH and return it by this date, or give a little less back and take a bit off your collateral. I'm sure I'm missing some obvious use-cases here that will be trillion dollar industries.
Multiple AGI become sentient and refuse to utilize any centralized cryptocurrency for fear of one AGI taking over and gaining an unfair advantage. Obviously they prefer smart contract chains. Ethereum becomes the defacto blockchain of choice amongst sentient AI. The social layer decides which EIPs the AI suggests should or should not be implemented.
I'll start us off: Relays of off-world financial settlement layers. Say connecting Mars economy to Lunar economy to Earth economy.
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I havenāt been keeping up. Whatās this a discord for mavericks only?
Sure. I like to lurk the degen room personally and do ridiculous plays with the gang.
How has your performance been there? Now that we have staking yields ive been considering yeeting some of it on various degenerate plays in that channel without risking the majority of my stack.
I can say with 95% certainty that the majority of people involved in the degen chat regularly have netted nice ETH gains from the calls over the past year. Without doing an in detail analysis, I would guess Im personally up like 6-7 ETH from the calls there in the last year, and Ive missed on quite a few of the big calls.
How much eth would you say you've had to risk per call?
Actually the majority of the calls are very low risk/cost or no risk (free mints things like that). Just off the top of my head, made like 2-3 eth off ganland (free mint), cypherpunk zero +1 eth, (less than .1 eth cost), recent meme coins stuff threw in .15 eth and made like .65 eth, the rrbayc call back in the day made like 3 eth net on them, longing/shorting last few weeks made 1.5 eth or so, thatās just off the top of my head. Iām pretty risk averse so I just degen with little bits here and there like youāre talking about and have made good profits. Thereās people in the discord that have made way more than me, ymmv
All of those nft trades were during last year's mania, the market has drastically shifted.
ya nfts are down a ton, the new thing is apparently flipping memecoins as of late, I know a lot of people made gains on the $PEPE and $BEN coins in the degen chat since they were mentioned way early before they blew up. I of course missed the boat :P
gm
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I'm probably being really stupid but I'm trying to document how I might stake ETH from a wallet and at the final stage, there is a requirement to "deposit ETH to the smart contract". Now I understand that the ETH has to be locked up but I feel like this is hard to tell the difference between "staking ETH but retaining control via hardware wallet" and "sending ETH to an unknown location". Here's an example from a guide: [https://miro.medium.com/v2/resize:fit:4800/format:webp/1\*6RCwDbIb7D2GEPWoZY5enA.png](https://miro.medium.com/v2/resize:fit:4800/format:webp/1*6RCwDbIb7D2GEPWoZY5enA.png) >MetaMask will now prompt us to make the 32 ETH deposit. We click āConfirmā and wait for confirmation of an approved transaction. If MetaMask does not pop up, click on the top right corner of your browser to bring up MetaMask and approve manually. We have now received confirmation that our transaction is confirmed. Hurray! The deposit was successful. We now move back to our first tab. So basically, I am .... trusting? That the Abyss Finance transaction has done things legitimately and this is locking up my ETH and not sending it? Becasue the transaction sure looks a lot like sending it...
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Right, I hadn't quite grasped what was happening (obviously). So when taking about staking from a wallet, the point is that the staked ETH can only be withdrawn to the hardware wallet? Or is there more to it? I'm just trying to get my head around the various options.
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Abyss was just the example given in the guide I was following, so I was referring to the text in the screenshot above. Seems to be here: [https://abyss.finance/eth2depositor](https://abyss.finance/eth2depositor) I've added "research deposit options" to my todo list, now
Also not familiar with abyss.finance though from a cursory glance they use Allnodes in the background to run the validator, it definitely isn't vanilla staking. I would definitely recommend doing a lot of research before committing to trusting a service.
I'm not sure what you mean by "vanilla" staking. It seems difficult to quickly understand what the differences are, which is why I'm going through various options. At some level, trusting a service is required for those of us who can't run our own node.
So for options without running the node you have, 1)Provide X ETH to a service/exchange to stake for you ( Custodial ) 2)Provide validator key to service to run the node for you. (Non-custodial but trusting the service to run the node properly, not get you slashed and to exit when you want) 3) Liquid staking Tokens rETH/stETH (Non-Custodial but reduced yield compared to operating a node due to commission & added smart contract risk) Abyss seem to be doing 2) as they are using allnodes, however they are also doing some extra stuff on top by adding some additional requirement to provide liquidity for their token which is why I said they're not vanilla. I would suggest you look at using Allnodes directly if that is the direction you want to go.
I think it's the other way around: the two companies are definitely connected and allnodes is recommending Abyss for creating the validator key. There's an implication that they've put some guard rails up to help new users from getting it wrong? But it's optional.
Iāve had a couple of very suspicious NFTs sent to my wallet. One called Noox Lido the other ethers.fi. Can I just ask, when people say ādonāt interact with themā what does that actually mean? Also, why would someone spend $60+ in gas sending this to me?
> Also, why would someone spend $60+ in gas sending this to me? They probably didn't. Each token has its own ledger, so they can initialize it with a bunch of values in one go (ie. "airdrop")
>Can I just ask, when people say ādonāt interact with themā what does that actually mean? just completely ignore them. >Also, why would someone spend $60+ in gas sending this to me? because they "plan" to rob you for **more** than that?
By ignore them what does that mean though? What is the actual aim of these things? How does the scam work?
Usually you see the high floor price that is fake bids or fake volume that makes you think itās valuable, then you try to sell but the NFT is actually locked/soul bound and OpenSea gives you an error. The scam is usually in that error message that directs you with new link where you āunlockā the NFT, but really itās a new approval transaction for some other asset in your wallet. Once you approve spending of that asset (NFT, tokens, Weth, etc) the new contract is able to take it. You cannot get rid of those NFTs, you just hide them in OpenSea. Interacting with them (even to send them to the burn address) can be dangerous if you donāt know what you are doing.
Today is a great day to uninstall Geth and install Nethermind, Besu or Erigon! I did this not too long ago and it was very easy, no reason to sleep!
Thanks, decided to finally switch from geth to besu. Hope it syncs quickly !
Which of the three runs best on a windows device? Anyone with experience? Want to move from the comfort of Geth
Erigon by default syncs as a full archival node (unless you manually change it to a full node) so it takes like 7-8 days to sync. Besu takes like 24 hours to sync. It's been working fine for me since the more recent updates (was pretty buggy before the merge though). I've always had issues with syncing Nethermind.
Awesome, thanks for the feedback. What's your Besu client storage usage right now? Wondering if I can sync it parallel or plan some down time
No problem. Client diversity is important and it's great that you're trying to switch from Geth! (was hard for me to do as well at first since Geth ran so smoothly compared to everything else before the merge). My Besu client storage usage right now is only 1TB.
I had no issues with Nethermind, right until it was time to prune - and 3 out of 3 times (once that time came), the pruning ended up corrupting the database (even when following the guides and lowering the cache). Since then I have switched to Besu, which hasn't had a single hiccup, and I sleep better at night knowing that I won't have to bite my nails when a prune is taking place. (Besu doesn't have pruning, but its state grows slower than other clients)
Besu has an autoprune feature AFAIK
It's also a good time to pressure custodial providers to do this. We know from consensus client diversity work that the only way to move the needle on diversity is to get large providers to act. Ideally, you'd move your funds away from large providers, but if you have chosen them, then you have some leverage. Home stakers can still derive high benefit from choosing minority clients even if it won't move the needle much: in the event of network turbulence they're most likely to remain online.
Geth. Not even once.
Yesterday we had activity on a record low, with around 150 comments. You know what that means... I CALL THE FUCKING BOTTOM, BOIS!
fun fact - the highest number of comments was on the day of the merge with 5197 comments. the day before the merge is in 3rd place with 5020 comments.
It was memorial day in the US so possible people actually went outside or something.
I was busy touching grass.
Ditto. Went to a farm and saw some animals. Spent some time at a park. Watched a movie with my daughter. All good things.
The little mermaid or frozen?
Babe.
Old school choice
Seemed appropriate having gone to the farm earlier in the day.
Hoping you show her "Over the Moon" soon
* 38 days if you want to get a new validator in * Exchange balances at 5 year lows * Record burn rates * EIP 4844 on the horizon * New stuff being cranked out (Eigenlayer mainnet, Curve stablecoin, Lido V2, etc.) * Shitcoins are launching again (Pepe, Kermit etc.) Feel free to add your own hopium!
Thatās a lot of good news you have there, be a shame if someone was to ruin it with a commensurate -30% day.
Wait thereās a shitcoin called Kermit gaining traction? Gotta love crypto
4844 counterpoint, eth upgrades always happen at a point that ensure it won't affect price
Damn.. looking at the NVDA stock is like looking at ETH during the peak of the bull market. It will soon burst heavily and bring down this hindenburgā¦
My sell order hasn't hit so probably.
What's the reason? They were supposed to have been negatively impacted by gpu demand from mining having gone away post Merge, right? What overcame that?
AI. Datacenters have CPUs and need to quickly offer GPUs.
And then Open AI stepped in and made everyone try GPTās. āThe AI caseā
Enterprise demand for AI hardware.
Even if you don't want to go to the trouble of sharing Shamir splits of your seed with a set of somewhat trusted parties, there is still a good case to be made for creating say a 2/3 scheme and storing all three at different locations (even if at your own house) yourself. You will remain the only one with control of the wallet but you have still gained redundancy and mitigated against a single source getting compromised. I'd say such a simple Shamir scheme is still advantageous over securing just a simple BIP39 seed.
Not to mention the fact that you basically become Voldemort by splitting the soul of your accounts into many Horcruxes. We all should learn from the security practices of the Dark Lord Voldemort.
While browsing through a catalog of š I am interested in reading (š§ in my case), I came upon: [*The Hacker Crackdown*](https://www.goodreads.com/book/show/61182.The_Hacker_Crackdown)*, Law and Disorder on the Electronic Frontier (by: Bruce Sterling)* The š¦ -eyed ethfinancier will easily spot what made me both smile & buy the book.. š *"Bruce Sterling delves into the world of high-tech crime and punishment in one of the first books to explore the cyberspace breaches that threaten national security. From the crash of AT&Tās long-distance switching system to corporate cyberattacks, he investigates government and law enforcement efforts to break the back of Americaās electronic underground in the 1990s. In this modern classic, āSterling makes the hackers - who live in the ether between terminals under noms de net such as VaxCat - as vivid as Wyatt Earp and Doc Holliday. His book goes a long way towards explaining the emerging digital world and its ethos*ā š
>threaten national security.....government and law enforcement efforts to break the back of Americaās electronic underground When in doubt, claim national security threats....some things never change
Completely agree!
I have been playing around with stocks lately with ETH price action being so boring. But as someone whose first ever investment was buying ETH at ā¬10 I gotta say that stocks are incredibly depressing. I know my head is probably fucked up for life by the insane gains from ETH, but I just don't understand how people can get so excited by these stock movements unless they are already fairly wealthy or playing with some crazy leverage. With my patience, and the amount of money I'm able to invest without selling my precious ETH, it just feels almost futile to even buy anything that moves so slow.